# Vulcan Materials Company (VMC)

> Source: Nexqual · https://nexqual.com/VMC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Vulcan Materials Company (VMC), nexqual.com/VMC" · informational, not investment advice.

**Price:** USD 268.72 (+1.54% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 264.64 · day 263.06–269.14 · 52w 237.03–331.09 · market cap $34.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $8.12B, net income $1.12B (13.7% margin), free cash flow $1.03B (SEC filings).
- Valuation: P/E 31.2x (avg 35.1x at the last 3 fiscal year-ends), EV/EBITDA 16.5x, net debt $4.17B.
- 6 of 80 tracked superinvestors hold VMC (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 2 new, 0 added, 2 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $5.1M; 3 not under a Rule 10b5-1 plan ($5.1M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (24 analysts), mean target USD 308.3 (range 238–365).
- Total return with dividends: 1Y -7.3% vs S&P 500 +14.9%; 5Y +51.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.82, revenue estimate $2.23B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.55B | $7.32B | $7.78B | $7.42B | $7.94B | $8.12B |
| Gross profit | $1.37B | $1.56B | $1.95B | $2.00B | $2.17B | — |
| Operating income | $1.01B | $951M | $1.43B | $1.36B | $1.62B | $1.64B |
| Net income | $671M | $576M | $933M | $912M | $1.08B | $1.12B |
| EPS (diluted) | $5.02 | $4.31 | $6.98 | $6.85 | $8.11 | — |
| Free cash flow | $561M | $536M | $664M | $806M | $1.14B | $1.03B |
| Gross margin | 24.7% | 21.3% | 25.0% | 27.0% | 27.4% | — |
| Operating margin | 18.2% | 13.0% | 18.3% | 18.4% | 20.4% | 20.2% |
| Net margin | 12.1% | 7.9% | 12.0% | 12.3% | 13.6% | 13.7% |
| Revenue growth | +14.3% | +31.8% | +6.4% | -4.7% | +7.1% | — |
| Cash + short-term investments | $235M | $161M | $931M | $560M | $183M | — |
| Total debt | $3.88B | $3.88B | $3.88B | $5.31B | $4.36B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 31.2x · P/S 4.3x · EV/EBITDA 16.5x · EV/Sales 4.8x · P/FCF 33.9x · P/B 4.1x · FCF yield 2.95% · Earnings yield 3.20% · Dividend yield (paid, TTM) 0.76% · Buyback yield (TTM) 2.30% · Net debt $4.17B · EV $39.0B
P/E at fiscal year-ends: Dec 2025 35.2x, Dec 2024 37.5x, Dec 2023 32.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold VMC (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Wallace Weitz | Weitz Investment Management | 4.16% | $60.1M | Reduced -4.9% | Q2 2026 |
| John Armitage | Egerton Capital | 2.51% | $247M | Reduced -48.9% | Q3 2026 |
| Lee Ainslie | Maverick Capital | 1.70% | $188M | New position | Q2 2026 |
| Chris Hohn | TCI Fund Management | 1.37% | $722M | New position | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.02% | $2.1M | Unchanged | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $7.1M | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-21 | Hill J Thomas | Director | 14,000 | $3.9M | 19.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-07 | Clement David P | Senior Vice President | 2,000 | $570K | 22.9% | No | Routine (sold in May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-15 | Clement David P | Senior Vice President | 2,212 | $647K | 20.2% | No | Routine (sold in May & Nov each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 24 analysts; mean target USD 308.3 (low 238, high 365).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Raymond James | Target lowered | Outperform | $320 → $308 |
| 2026-10-13 | JP Morgan | Target lowered | Neutral | $320 → $300 |
| 2026-10-09 | RBC Capital | Target lowered | Sector Perform | $300 → $256 |
| 2026-10-08 | UBS | Target lowered | Buy | $349 → $326 |
| 2026-10-05 | Wells Fargo | Target lowered | Underweight | $254 → $249 |
| 2026-10-05 | Truist Securities | Target lowered | Buy | $360 → $320 |
| 2026-10-02 | Citigroup | Target lowered | Buy | $350 → $300 |
| 2026-09-21 | DA Davidson | Maintained | Buy | $330 |
| 2026-09-09 | Wells Fargo | Downgrade | Equal-Weight → Underweight | $305 → $254 |
| 2026-08-25 | DA Davidson | Initiated | Buy | $330 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $293 → $300 |
| 2026-07-30 | Citigroup | Target lowered | Buy | $355 → $350 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -7.3% | +51.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -7.3% | +8.6% |
| Volatility (annualized) | 28.8% | 25.0% |
| Max drawdown | -26.7% (Feb 2026→Sep 2026) | -31.2% (Jan 2022→Jun 2022) |

## Peers (Building Materials)
MLM (Martin Marietta Materials, Inc.) USD 517.67 +1.70% · AMRZ (Amrize Ltd) USD 39.44 +1.65% · CRH (CRH PLC) USD 86.43 +0.46% · JHX (James Hardie Industries plc.) USD 26.54 +0.91% · CX (Cemex, S.A.B. de C.V. Sponsored) USD 10.11 -2.69% · EXP (Eagle Materials Inc) USD 178.74 +3.09%

## More
Full page: https://nexqual.com/VMC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aggregates | $1.76B | 81.8% | +6.9% |
| Asphalt | $330.0M | 15.3% | -10.5% |
| Concrete | $186.8M | 8.7% | -15.3% |
| Total revenue | $2.16B | 100% | — |
The lines above cover 105.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Revenues Excluding Freight & Delivery | $1.88B | 87.4% | +2.2% |
| Service | $71.8M | 3.3% | -18.3% |
| Total revenue | $2.16B | 100% | — |
The lines above cover 90.7% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gulf Coast revenues | $984.1M | 45.6% | +4.0% |
| East revenues | $685.8M | 31.8% | +2.7% |
| West revenues | $609.9M | 28.3% | -2.5% |
| Total revenue | $2.16B | 100% | — |
The lines above cover 105.8% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.82 | $3.10 | -9.0% | $2.23B | 16 |
| Next quarter (ends 2026-12-31) | $2.07 | $2.21 | -6.2% | $1.96B | 16 |
| Current fiscal year (ends 2026-12-31) | $8.83 | $9.14 | -3.4% | $8.13B | 21 |
| Next fiscal year (ends 2027-12-31) | $10.22 | $10.77 | -5.1% | $8.54B | 22 |